Bharati Shipyard to make open offer to acquire shares of GOL

MUMBAI: Private sector shipyard, Bharati Shipyard, on Sunday said it will make a public announcement for acquisition of additional shares of Great Offshore (GOL) upto 20 per cent of its paid-up equity share capital.

The announcement would be made by Bharati Shipyard through its wholly owned subsidiary--Natural Power Ventures. The shares will be acquired at a price determined as per the applicable SEBI guidelines on the date making public announcement, the company said in a statement issued here.

"The purpose of the open offer is to consolidate our investment in Great Offshore. This acquisition will provide enhanced stability to the existing management in Great Offshore and maximise shareholder value for both the companies," Bharati Shipyard Managing Director, P C Kapoor, said.

The decision to make public announcement was taken by board of directors of the company in a meeting held on May 30, 2009.

Bharati Shipyard recently acquired the shares pledged by Great Offshore which was equivalent to 14.89 per cent equity stake in latter company at a price of Rs 315 per share.